The survey focused on organizations that either already partner with CROs or are seeking to in the next year, reasons why they do so, characteristics they look for, challenges, and other key insights to help cater marketing outreach and messaging.
From this survey, we learned that 57% of respondents said their organization “sometimes” outsources its drug discovery and development work to a CRO followed by 27% saying they “always” outsource, and 16% responding “never”. This shows that the vast majority of respondents already work with CROs yet just over half do not have a preferred CRO for drug discovery and development outsourcing. In fact, 55% of respondents in this survey revealed that they do not have a preferred CRO for drug discovery and development outsourcing. Of those that do, just over half of the respondents cite that they would consider changing their preferred CRO within the next 12 months. Although it’s a competitive marketplace, there’s still opportunity to capitalize on and plenty of work to become pharma’s preferred CRO.
With a confirmed knowledge of the need for a CRO and the opportunity for many who are currently using them to make a switch, it’s important to know who exactly the key decision-makers are within these organizations, and to full understand their pain points. This survey found most decision-makers who do outsource to CROs were:
By which method(s) is your organization most likely to learn about a new CRO?
Here, we see that events are obviously very important within the pharma industry, ranking third in the roundup of how organizations are most likely to learn
about CROs. Some may argue that it’s so highly regarded because it serves as a place to meet several new, potential CROs all at the same time. However, it’s also important to note that professional articles, whitepapers, and webinars are on par with referrals and in fact rank higher than events. When professional articles, whitepapers, and webinars are then combined with information from a trusted publication, this becomes the MOST powerful vehicle to reach the pharma industry. And one which shouldn’t be ignored.
Our survey shows that the majority of organizations who outsource to CROs do so between 1 - 10 times per year. Perhaps even more important though are the factors that drive these organizations to outsource to a CRO.
When working through messaging and new client opportunities, it’s important to keep in mind the top three most important characteristics organizations look for when seeking a CRO partner include:
Other areas considered important included location, specific experience, existing partnerships and cost.
As much as there is an apparent need and want to partner/outsource to CROs, this survey also explores some of the challenges that exist and barriers pharma companies experience when outsourcing their drug discovery and development needs. The biggest challenges noted when collaborating with a CRO:
The main reason for an organization not wanting to partner with a CRO is a lack of internal oversight, closely followed by changes in cycle times, and cost implications.
Just under half listed their biggest concern when partnering with a CRO as quality, with capability and capacity coming in as a close second.
What is your organization's biggest concern when it comes to outsourcing to a CRO Service?
You may feel that these may not directly apply to you and your organization, but it’s critical to understand and address some barriers amongst your target market so you can best understand how to address the industry’s pain points in your messaging and ensure you stand out from the crowd.
The pharma industry regard Contract Research Organizations as promoting quality, ensuring efficiency, innovation, and protecting patient safety within clinical research. They are perceived to have a positive impact on the overall drug development process, which has become more of a need year after year. But according to the pharma industry what are the benefits of partnering with a CRO for organizations?
This survey revealed that the top three benefits for an organization to partner with a CRO were (1) reduced costs, (2) scientific expertise, and (3) accelerated cycle times. When working to ensure a successful partnership with the CRO, the most important qualities were (1) team expertise, (2) operational scalability, and (3) financial stability. Survey respondents also selected and ranked the top three factors that have influenced their organization’s choice of CRO as (1) perceived quality was the overwhelming top choice, followed jointly by (2) previous knowledge of working with them and also (2) price, and (3) reputation close behind.
With all of this information, we can draw that scientific/team expertise is linked to perceived quality as well as scalability, and that overall timing, financial implications, and existing relationships are also very important. Remember these key insights too when thinking about organizations that have a preferred CRO, but are happy to find a new one. For example, a niche or expert CRO can add a lot of value if their specialty is properly translated into their messaging. But, it’s also not to say that full-service CROs should be discounted.
This invaluable information highlights the ways in which CROs can best position themselves as a valuable asset to partners. By promoting their expertise, accelerated cycle times, team expertise, and scalability to their target markets and organizations, CROs can meet the drug and developmental demands the pharma industry needs now and keep them front of mind for the future. But remember, it’s not enough to simply say that you can provide all of these things since most competitors will and can say the same. It’s about taking the essence of these qualities and personalizing them for your niche and core services.
Many CROs may have been working under assumptions of their audience’s pain points and what’s important to them, but it’s important to base decisions on actual information and to continually update that data and information. The information in this whitepaper comes directly from pharma’s decision makers and works to provide you with a better understanding of what the pharma industry is asking for from CROs, who the key decisions makers are within the organizations, factors that determine outsourcing needs, what makes for a successful partnership, and some of the biggest challenges or misconceptions organizations have when collaborating with a CRO. We hope with these powerful insights, you can align your marketing messaging and strategy moving forward.
In a fiercely competitive landscape, a smart marketing strategy can make all the difference. Our goal is that the in-house team has the time and space to focus on priorities, while we take on some of the time-consuming aspects of planning and executing campaigns. We offer full-service marketing capabilities and work with clients to support them when and where they need it according to their objectives and budgets. Plus, we have a world leading editorial team who are at our client’s disposal to help create content to engage the industry using both their contacts and expert knowledge of the industry. It’s important to reach as many decision-makers as possible in a company with the right message via the right channels at the right time. Our marketing executes campaigns to the key areas of the pharma industry all day every day – utilize their expertise and knowledge. Informa Pharma Intelligence offers you the opportunity to engage with the right people and boost brand awareness and thought leadership recognition to set yourself apart from the crowd. In fact, marketers that distribute their branded content in partnership with a publisher see a higher brand lift – 50% higher, on average – than those who publish content on their own. Informa Pharma Intelligence partners with you to plan and execute comprehensive, digital campaigns that get your messaging to pharma’s senior decision-makers. We create custom content such as whitepapers, webinars, industry research, eBooks, and roundtables to ensure you maximize your impact on your target audience. Informa Pharma Intelligence does not offer free subscriptions, ensuring readers are highly engaged and rely on the information, news, and analysis they receive from us daily. In addition, Informa Pharma Intelligence awards ceremonies can help you shake hands with potential business partners.
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